MONMOUTH JUNCTION, NJ--(Marketwire - September 01, 2010) - CytoSorbents Corporation (OTCBB: CTSO) David Lamadrid, Chief Financial Officer of CytoSorbents, has been named a finalist in the Public Company category in the ‘2010 NJBIZ CFO of the Year’ awards program. NJBIZ honors New Jersey’s top financial executives. The award program, produced by NJBIZ, New Jersey’s premiere business news publication, is presented by WithumSmith+Brown, PC and sponsored by CIGNA, Citibank, Financial Executives International, Robert Half and SorinRoyerCooper.
Dr. Phillip Chan, Chief Executive Officer, stated, “We want to congratulate David for becoming a finalist in the ‘CFO of the Year’ program, it is well deserved. He is a key member of CytoSorbents’ Management, and we are fortunate to have him on the team.”
The ‘CFO of the Year’ awards program celebrates New Jersey’s financial executives at all levels who contribute to the success of New Jersey’s economic growth and stability. Finalists were selected in seven categories: Public Company, Private Company with revenues over $100MM, Private Company with revenues up to $100MM, Nonprofit CFO -- Small (24 or fewer employees), Nonprofit CFO -- Large (25 or more employees), Best Turnaround Specialist and Best Growth Manager.
Finalists and winners are chosen by an independent panel of judges including: Bill Carson, Hudson Ventures; John Martinson, Edison Venture Fund and Denis C. Picard, Alvarez & Marsal Technology Asset Management Services, LLC.
The ‘CFO of the Year’ awards finalists will be recognized and the winners in each category will be announced during a breakfast awards ceremony on October 26, 2010 at The Palace in Somerset Park.
For more information about the ‘NJBIZ CFO of the Year’ awards program or to register for the event, please visit http://www.njbiz.com/events/details/35-cfo-of-the-year-awards?xref=37 or contact Sarah Spangler via e-mail at sspangler@njbiz.com or by phone at (732) 246-5713.
About CytoSorbents and CytoSorb™
CytoSorbents Corporation, and its operating subsidiary CytoSorbents, Inc., is a critical care focused therapeutic device company in clinical trials to treat severe sepsis, often called “overwhelming infection,” with a novel blood purification device called CytoSorb™. Severe sepsis afflicts more than 1 million people in the United States and an estimated 18 million people worldwide each year, killing one in every three patients despite the best treatment. In the United States, more die from severe sepsis than from either heart attacks, strokes or any single form of cancer. Severe sepsis is typically triggered by bacterial infections like pneumonia, or viral infections like influenza. However, it is the body’s abnormal immune response to the trigger that leads to severe inflammation and the unregulated, massive production of cytokines, often called “cytokine storm,” that then causes multi-organ failure and often death. CytoSorb™ is a cartridge containing highly porous polymer beads that are designed to filter cytokines and treat potentially fatal cytokine storm. As blood is pumped repeatedly through the CytoSorb™ cartridge using standard dialysis equipment, the beads bind and remove cytokines and other toxins from blood. The treated blood is then returned to the patient. The Company is currently conducting its European Sepsis Trial -- a multi-center, randomized, controlled clinical trial using CytoSorb™ to treat up to 100 patients with severe sepsis in the setting of respiratory failure. Pending a successful trial, the Company will seek CE Mark approval and commercialization of CytoSorb™ in the European Union. Importantly, cytokine reduction via CytoSorb™ has broad applicability to a number of other critical care diseases where cytokine storm plays a detrimental role, including burn and smoke inhalation injury, trauma, acute respiratory distress syndrome, advanced influenza, acute pancreatitis and other. CytoSorb™ is one of a number of different resins designed for various medical applications, including improved dialysis, the potential treatment of inflammatory and autoimmune disorders, rhabdomyolysis in trauma, removal of chemotherapy during treatment of cancer with high dose regional chemotherapy, drug detoxification and others. Additional information is available for download on the Company’s website: www.cytosorbents.com
Forward-Looking Statements
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management’s current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. CytoSorbents Corporation and CytoSorbents, Inc believe that its primary risk factors include, but are not limited to: obtaining government approvals including required FDA and CE Mark approvals; ability to successfully develop commercial operations; dependence on key personnel; acceptance of the Company’s medical devices in the marketplace; the outcome of pending and potential litigation; compliance with governmental regulations; reliance on research and testing facilities of various universities and institutions; the ability to obtain adequate financing in the future when needed; product liability risks; limited manufacturing experience; limited marketing, sales and distribution experience; market acceptance of the Company’s products; competition; unexpected changes in technologies and technological advances; and other factors detailed in the Company’s Form 10-K filed with the SEC on April 9, 2010, which is available at http://www.sec.gov.
Sarah Spangler
sspangler@njbiz.com
(732) 246-5713
